a.
. Coca-Cola cuts its price below that of Pepsi-Cola to increase profit.
b. A Single firm, protected by a barrier to entry, produces a personal service that has no close substitutes
c. barrier to entry exists, but the good has some close substitutes
d. A museum offers discounts to students and seniors
e. A firm can sell any quantity it chooses at the going price
f. A firm experiences economics of scale even when it produces the quantity that meets the entire market demand.
1. Which of the six cases are monopolies or might give rise to
2. which are legal monopolies and which are natural monopolies? can any of them
3. What are the distinguishing features of oligopoly?
4. Why are breakfast cereals made by firms in oligopoly? Why isn't there
5. Business Week reported that Energizer is gaining market share against competitor Duracell and its profit is raising despite the sharp rise in the price of zinc, a key battery ingredient. In what type of market are batteries sold?
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